There is further evidence that the U.S. housing recover is on track. According to HUD and the U.S. Department of the Treasury’s June scorecard, new home purchases rose by 18.6% in May and rose 16.9% from a year ago. That was the biggest monthly gain in 22 year. Existing home sales also rose 4.9%. Meanwhile foreclosure starts fell 10% and are down 32% from a year ago. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.
And now for something, completely different: Did you know that in 1952 Albert Einstein was offered the presidency of Israel? Of course he declined the offer. Further proof of his intelligence in staying away from politics.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.